Paper 3

paper 3:

Overall Advice

- Look at the questions during the five-minute reading time

- Suggested time allocations

• Q1 part (a) [20 marks]: 30 minutes in total

• Q1 part (b) [10 marks]: 20 minutes

• Q2 part (a): about 30 minutes in total

• Q2 part (b): about 20 minutes

Recommendations - Part a (20 marks)

- Unless otherwise, all numbers must be given exactly or be correct to two decimal places.

- Show working for 2 marks questions: calculate (obtain a numerical answer showing the relevant stages in the working)

- Write the units of the answer (millions of $)

- If a question seems too difficult to answer, move on (it is probably only worth 1 or 2 marks)

- If you realize later that you have made a mistake in an initial calculation on which subsequent calculations have been based, do not bother to go back and correct it all unless you have plenty of spare time. The “own figure rule” (OFR) applies.

- If required to write an explanation or reasons (usually in a 4-mark question):

• be concise and precise

• refer explicitly to numbers in the data or the graph or prior calculations, as appropriate

- If required to draw a diagram:

• use a ruler for the axes and for straight lines

• label axes as fully as appropriate (eg not just P and Q, but $P or Q (000,000 per week))

• use a pencil but ensure that the lines are firmly drawn so that they will be legible when scanned

Recommendations - Part b (10 marks)

- Refer explicitly to data provided and/or to answers to questions in part (a) when explaining the choice and the outcome of the policy chosen.

- Use appropriate economic theories and concepts to support the policy recommended.

- A diagram, where appropriate, may be used to demonstrate the effects of the policy

- Construct a well-reasoned argument or explanation

- Evaluation should be based on both the data and the relevant economic analysis. (adv and disadv of policy could be considered evaluation)

some more information on answering 10 mark questions:

For each of the markbands there are five strands to be assessed. Examiners are required to make judgments on

the following.

• The degree to which the policy identified is appropriate and there is a full explanation of how the policy is

expected to address the problem, issue or situation

• The extent to which the explanation is supported by relevant and accurate economic theory.

• The degree to which economic terms are used accurately and appropriately throughout the response.

• The extent to which the candidate has used relevant text/data effectively to support the recommendation.

• Whether the candidate has weighed the arguments for and against a policy, or set of policies, before

drawing a conclusion. Examples of effective synthesis/evaluation could be:

• to explain the reasons why one policy may be better than another

• to explain the reasons that one or more policies should be used in conjunction with another

• to explain the reasons why the success of the policy recommended is contingent on certain factors

• to make a judgment on the likely effectiveness of the policy recommended.

For candidates to reach the higher levels of achievement, a balanced discussion is essential.